Auditor gives Edison schools a clean FY25 opinion; fund balances and excess surplus noted

HFA supervisor James Nemeth summarized the Edison Township School District's fiscal year 2025 audit, telling the board the district's financial statements received an unmodified opinion for the year ended 06/30/2025 and that the single-audit testing found no reportable instances of noncompliance in the tested programs.

Nemeth said auditors issued a clean independent auditors report and a separate management report identifying a common-state issue on the net cash resource schedule tied to COVID/ARP funds; auditors recommended the district implement a plan to reduce certain cash balances over time. He noted the single-audit programs tested included the child nutrition cluster and large state-aid programs and that the single-audit opinion was likewise unmodified.

Key year-end amounts cited in the presentation included a general fund balance of about $59,300,000, a capital reserve of about $23,000,000, a budget withdrawal of about $10,000,000, and an excess surplus of about $6,000,000 that the auditor said would be budgeted in the 26/27 budget. Nemeth also noted the district's unassigned fund balance was about $8,000,000 for the year.

Board members asked for a short written summary and a breakdown of the fund balances. Nemeth and administration confirmed a two-page synopsis of the audit is posted under the business office tab on the district website and that a summary copy could be circulated to board members.

After the presentation the board approved the finance agenda items by roll call (motion carried unanimously in the transcript).